Our Paths toSuccess

Our Paths toSuccessInvestor Presentation – Q1 2012

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Forward-Looking Statements

This presentation includes forward-looking statements which by their very nature involve inherent risks and uncertainties. The Company cautions the participants in this presentation not to place undue reliance on these statements since a number of important factors could cause actual results to differ materially from expectations, estimates, outlooks, and intentions expressed in such forward-looking statements.

Factors that could cause actual results to differ from forward-looking statements include but are not limited to:Strength of economies where the Company operates and sellsCompetition and changing technologyProgram performance levelEvolving industry standardsUnexpected legal proceedingsChanging customer requirements

When reviewing the Company’s forward-looking statements careful consideration should be given to these and other uncertainties.

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World renowned space contractor

• 850+ satellite contracts: more than any other company in history– >80% of all commercial communications satellites ever

launched• Participation in ground-breaking space science

programs• Unsurpassed reputation for quality and reliability

– No equipment failures in space• World leader in passive microwave devices

– >50% share of addressable market in multiplexers & switches

• 254 patents awarded or pending

Cambridge, ON Aylesbury, UK Ottawa, ON El Segundo, CA

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Capabilities

SWITCHES routes signals to

appropriate piece of equipment; connects back-up equipment in event of

failure

MULTIPLEXERS & FILTERS

route, process, amplify & enhance

quality of signals

ELECTRONIC SUBSYSTEMSprovides a variety of functionalityto science instrumentsRADAR SUBSYSTEMSphase shifters, high and low power subsystems, receivers and calibration systems

OPTICAL SUBSYSTEMStelescopes, imagers, star-trackers,UV, IR subsystems

ANTENNAS receives RF signals from

earth or other spacecraft

ANALOGUE PROCESSORS

actively down-converts signals,

filters, routes & switches the signals

INSTRUMENTSprovides complete instrument functionality to spacecraft

PAYLOADSprovides complete payload functionality to spacecraft

ACTIVE RF ELECTRONICS

frequency conversion, solid state switching, SAW

filtering, receivers, low noise amplification

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Customers

Relationships with all satellite primes – lasting decades.

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Revenue

82127 138 144 125

49

5363 50

4133

3040

2737

2007 2008 2009 2010 2011

MilitaryCivilCommercial

164

210

240 22

1 203

$ Millions

Year ended October 31

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EBITDA

$ Millions

Year ended October 31

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Net income

2010 & 2011 impacted by a small number of programs that are now essentially completed.

$ Millions

Year ended October 31

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Q1 2012 Results

Three months ended Jan 31, 2012 Jan 31, 2011

Revenue $47m $50m

Orders $45m $59m

Backlog $125m $159m

Gross margin – space equipment

29% 19%

Earnings per share $0.05 $ 0.00

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Recent progress

• Challenging programs nearing completion– $8 million negative impact to gross margin in

F2011– 4 of 5 now completed; last one in final stages– Minimal impact expected in F2012

• Margins improving on core space equipment business– 24% GM in F2011 vs 22% in F2010;

29% in Q1 2012

• Successfully managing operating expenses• $10.9 million net income improvement in

F2011• Momentum continuing into F2012

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Focused on performance

• Evaluating all businesses and product lines to ensure they deliver appropriate returns

• Committed to three strategic businesses:– Core commercial space business– COM DEV USA– exactEarth data services business

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Commercial business

• Represents >50% of revenue• Consistently profitable• Dominant global supplier in

multiplexers & switches• Recent win rates of 80-90%

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COM DEV USA

• Established and participating in US government market

• Current Status: CDN$25 million revenue run rate– 1.5X the run rate at time of 2008

acquisition– Profitable

• Added new customer: Lockheed Martin • Assessing avenues for further US-based

growth

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Data services subsidiary

• U.S. patent awarded

• exactAIS service fully operational• > 3 billion AIS messages delivered to customers in 2011

• Successfully expanding constellation– Total of 8 satellites currently launched or planned

• Strengthening ground infrastructure

• Booked $10 million of customer orders in 2011– Canada, South Africa, Japan, Australia, Denmark, etc

• Over 30 customers in total, 6 added in Q1 2012

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Outlook• Core space equipment markets expected to

be relatively flat in fiscal 2012 – Uncertainty in civil space sector due to

government funding reductions– Some upside starting to be seen in the Commercial

sector– High Throughput Satellites possible catalyst for

growth

• Growth in data services segment• Gross margins recovering• Continuing focus on managing operating

expenses

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Financial Resources

• $23.5 million of cash at January 31, 2012

• $32 million operating line of credit – not drawn

• $21.2 million outstanding on GE term loan– Added $15 million in Q2 2011

• $5 million funding support from SODP loan

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Primary operating risks

Foreign exchange~40% of backlog in US$; <85% of costs in CDN$;Natural hedge of net US investment

New businessesUncertainty surrounding launch of data services and microsatellite initiatives

Program performancePotential for cost over-runs; penalties for late delivery

Improving risk management processes

Improved capacity planning & mgmt tools

Government contracting methodologies

Strengthening program management

Net cash flow hedged out at least in part until at least Sept 2013, but shifts in FX impact strength of gross margins anyway due to accounting for hedges.

Successful cost reduction program.Have taken on an equity partner with pertinent skills

Technology has been validated, customer trials have been completed, initial orders have been secured, and data has been delivered

Additional satellites are being procured to provide some risk protection against launch delays

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TSX: CDV Shares outstanding: 76 million 52-week range: $1.55–$2.88 Fiscal year: October 31